Tag: Assessment

for calculating income tax on the income of 2010-2011 which finance act applies? whether financial year and previous year are the same? to calculate advance tax and tds in respect of income of 2010-2011 which finance act applies? pls explain in detail.

In one case, self assessment tax was paid and ITR-1 form filled up and submitted electronically on 31st July, 2012. Later it was realized that some amount was forgotten while calculating income tax and extra self assessment tax is yet to be paid. Can this be done now? In this case, if the dept accepts the revised return. should the person send two ITR-V forms (the first one, though incorrect, should carry signature to validate the submission and the final one also for the same reason)? Thanks for suggestions.

Situation: father passed away. Son, an IT assessee receives the following since
he is the nominee. How should they be treated for tax assessment of the son?
Are these seen as ‘gift’ (because of nomination) or, are these to be seen as
additional income?

1. Insurance Policies:
a. Policies are closed and the amounts are transferred to son’s bank account.

2. Bank Accounts/Post-Office accounts:
a. Single holding by father.
Accounts closed and the balance amount transferred to Son’s account.
In some cases the receiving account (son’s) is a joint account with other
members of family.
b. Joint Account, which was primarily operated by father. How does the
balance in such accounts get treated?

3. Fixed Deposits:
FDs on their maturity are getting deposited to son’s account.
How should they be treated for tax – only the interest is to be considered
as additional income, or the entire maturity value?

4. PPF/NSC:
These are being closed and the current value of these are getting
transferred to son’s account. What needs to be considered and included
as additional income by son?

5. Mutual Funds:
MF investments getting transferred to son’s name. Where they were singly
owned with nomination, the funds are closed and current value is credited
to son’s account..

We are in a dilemma and would appreciate suggestions and information regarding paying Income Tax in India. My father was a central govt employee & we never had to bother about paying IT as it was deducted from his salary. But after retiring in 2006-2007, he got lumsum amount that he invested in Senior Citizen Scheme in PO. Rest into Monthly Income Scheme in PO & remaining amount in Bank. He expired in early 2008 & we have no clue if we have to pay taxes or not. At least during his time we did not fall under the IT bracket. Since he did not get pension he bought a policy with LIC for which my mom now receives 5000 plus monthly. Our only source of Income is the Interest we earn from the SCSS, MIO & FDs & LIC. We also have our own flat in which we are living. I calculated the total income we get from the various deposits to be roughly 3.5 to 3.8 lakhs per year. The amount is interest I calculated on various PO & Bank FDs without any TDS deduction as I have no clue how much is actually deducted from the annual interest & if it is deducted at all. I know my dad bought Kisan Vikas Patra for 1 lakh just before his death presumably to save taxes. That is everything I could calculate & think of for calculating our annual income. Can some one please let us know if we fall under the tax bracket? And how much tax we have to pay since 2008-2009. And is there any deduction in tax due to KVP purchase. My mom would turn 60 on 1st March, 2012. We would be very grateful to any one who could help us solve our problem & let us know our taxable income if any. Thanks again.